Day: April 22, 2024

Karachi, The United Insurance Company of Pakistan Limited has announced the upcoming election of directors scheduled during the Annual General Meeting (AGM) on April 29, 2024, at 10:30 a.m. This event will take place at the Institute of Chartered Accountants of Pakistan, Auditorium Hall, in Karachi. This follows the recent notice published in both the "Daily Business Recorder" and "Daily Nai Baat" across Karachi, Lahore, and Islamabad.

The election follows Section 159(4) of the Companies Act, 2017, with seven candidates nominated for positions as directors. The candidates include Mr. Muhammad Akram Shahid, Mr. Khawas Khan Niazi, Mr. Muhammad Rahat Sadiq, Mr. Abdul Hadi Shahid, Mr. Muhammad Ashraf Khan, Mr. Ihsan Ul Haq Khan, and Ms. Huma Waheed. Given the number of candidates does not exceed the number of available director positions as fixed under Section 159(1) of the Companies Act, these individuals are set to be automatically elected at the AGM.

Profiles for all candidates are available on the company’s website for shareholder review. The independent directors, namely Mr. Muhammad Ashraf Khan and Mr. Ihsan Ul Haq Khan, have been selected based on their experience, competencies, and the criteria of independence defined under applicable law, and are listed on the data bank of independent directors maintained by the Pakistan Institute of Corporate Governance (PICG).

Karachi, In a significant move to boost environmental, social, and governance (ESG) reporting standards, the Pakistan Stock Exchange (PSX) has entered into a collaborative agreement with the London Stock Exchange Group (LSEG). This partnership aims to develop advanced ESG data tools for Pakistani companies, enhancing their global visibility and compliance with international standards. According to Pakistan Stock Exchange Limited, this collaboration will facilitate the creation of a comprehensive ESG scoring system and lay the groundwork for an upcoming ESG Index. The initiative is part of PSX's broader strategy to integrate sustainable and responsible business practices into its operations and among its listed companies. This effort includes the formation of an ESG Taskforce and planned training sessions to educate local companies about ESG reporting.

Mr. Farrukh H. Khan, MD and CEO of PSX, expressed his enthusiasm about the partnership, highlighting it as a crucial step towards aligning PSX's operations with global ESG standards and enhancing the international profile of Pakistani companies. He also noted the mutual benefits anticipated from this collaboration, including increased ESG visibility for Pakistani firms.

Mr. Nadim Najjar, Managing Director for Central and Eastern Europe, Middle East and Africa at LSEG, remarked on the joint endeavor's potential to foster a sustainable and responsible business environment in Pakistan.

Additionally, Dr. Shamshad Akhtar, Chairperson of PSX, and Mr. Akif Saeed, Chairman of SECP, also praised the initiative during their keynote addresses. They underscored the importance of leveraging LSEG’s expertise to advance sustainability and responsible investment practices within PSX's operations and among its clients.

The initiative is complemented by SECP's upcoming ESG Disclosure Guidelines and the launch of the ESG Sustain portal, set to further strengthen the sustainability framework within Pakistan’s capital markets.

Karachi, United Bank Limited has disclosed figures pertaining to its "TFC" perpetual security, symbol UBLTFC5. The security has a face value of 5,000 Rs. It offers a profit rate of 3M KIBOR + 1.55% and boasts a total issue size of 10 billion Rs, which remains fully outstanding. The upcoming coupon date is set for April 29, 2024.

Karachi, HBL Investment Fund (HIFA) also released its financial results, showing a daily weighted average rate of Rs 2.99 and reaching a high rate of Rs 4.05. The fund turned over 10,801,000 shares. With a paid-up capital amounting to Rs 2,841.25 million and a market lot size of 500, the fund announced a 4% distribution for the period of January to March 2024. Like its counterpart, it also marked June 7th for its previous book closure. HBL Investment Fund was listed in 2004.

Karachi, Bank Islami Pakistan Limited has provided information on its perpetual Sukuk, BIP LSC. This financial instrument has a face value of 5,000 Rs with a profit rate of 3M KIBOR + 2.75%. The total issued size is 2 billion Rs, and the outstanding principal mirrors this amount. The next payment to security holders is due on May 1, 2024.

Karachi, Allied Rental Modaraba (ARM), listed on the Pakistan Stock Exchange under the symbol ARM, has shown a substantial increase in its earnings per share (EPS) for the January to March 2024 period, reporting an EPS of Rs. 28.82 compared to Rs. 1.37 in the same period last year. Despite this impressive growth, the company has not announced any dividend distribution. ARM's current trading rate stands at Rs. 2,200.00 with a high trading rate of Rs. 67500 this year. The company, which has been a part of the stock market since 2007, reported no turnover and maintains a market lot of 500.

Karachi, K-Electric Limited has outlined the specifics of its seven-year Sukuk, marked KELSC5. The Sukuk carries a face value of 5,000 Rs and a profit rate based on 3M KIBOR + 1.7%. Out of a total issue size of 25 billion Rs, 17.5 billion remains as the outstanding principal. The next coupon date is scheduled for May 3, 2024.

Karachi, AL-Noor Modaraba (FANM) declared a 10% dividend for its shareholders, despite a modest increase in its EPS, which stands at Rs. 0.02 for the first quarter of 2024. The company’s trading rate as of today is Rs. 231.00, achieving a turnover of Rs. 38000. Listed since 1992, AL-Noor maintains its market lot of 500 and has consistently upheld its financial commitments through its paid-up capital.

Karachi, Summit Bank Limited has announced its seven-year "TFC," with the symbol SMBLTFC. The security, with a face value of 5,000 Rs, carries a profit rate of 6M KIBOR + 3.25%. The bank issued securities worth 1.5 billion Rs, although currently, no outstanding principal remains.

Karachi, Elite Capital Modaraba (FECM) reported a negative EPS of Rs. 0.62 for the first quarter of 2024, a decline from last year’s positive EPS of Rs. 6.25. Today’s trading rate stood at Rs. 5.24, with a high rate this year of Rs. 269000. FECM, listed since 1992, did not announce any dividends and maintains a market lot of 500.

Karachi, Telecard Limited has released data about its six-year TFC, labeled TELE TFC. The security's face value is set at 5,000 Rs and uniquely features a profit rate of 3M KIBOR + 0%. Initially, the issue size was 2.4 billion Rs, and as of now, no outstanding principal is reported. The last coupon date was December 31, 2021.

Karachi, First Fidelity Leasing Modaraba (FFLM) experienced a slight decrease in its financial performance, recording an EPS of Rs. -0.09 for the quarter ending March 2024. The company’s trading rate today is Rs. 264.14, with a total turnover of Rs. 23500. FFLM, active since 1992, holds a market lot of 500 and has not declared any dividend distributions.